Cryogenic equipment market projected to reach $353.3 billion by 2030

The global cryogenic equipment market is projected to grow from $22.7 billion in 2025 to $353.3 billion by 2030, representing a compound annual growth rate (CAGR) of 9.2%. This expansion is driven by the global shift toward clean energy, specifically the increasing demand for liquefied natural gas (LNG) and hydrogen infrastructure. According to the International Energy Agency (IEA), LNG supply increased by 2% during the 2024-25 heating season, necessitating advanced ultra-low temperature storage and transport technologies.

Beyond energy, the healthcare and scientific research sectors are driving innovation in cryogenic technology. For instance, companies are developing specialized tools like the ‘Cryo-Blade’ for high-performance sample processing. In the industrial sector, the evolution of LNG as a global fuel requires materials capable of withstanding extreme temperatures around -162 °C. This demand places a critical focus on the engineering of sealing and structural components, such as cryogenic valves, to ensure safety and operational uptime.

Major market players include Air Liquide, Linde, Emerson Electric, and Chart Industries, the latter of which recently acquired Howden for $4.4 billion to strengthen its position in the energy transition market. The Asia-Pacific region is expected to be the largest market for cryogenic equipment in 2025.